Three brokers have downgraded GUD Holdings this morning on concerns about downside risks to earnings into the future. Citi, Credit Suisse and Macquarie have all downgraded the company to Underperform from Neutral, which also brings them in line with UBS. Besides forecasting cuts to earnings for FY14, brokers saw continuing problems with its flagship consumer brands which include Sunbeam amidst difficult trading conditions. A fall in the AUD is also expected to exacerbate the problem for the consumer business, which has seen sales declines in the last 4 years and is making up a much lower proportion of earnings recently.